Connect with us

News

By putting partisanship aside, North Carolina ranks No. 1 in America’s Top States for Business, with the nation’s strongest economy

Published

on

Powered by an economy that has hit its stride, and turbocharged by a long track record of innovation, North Carolina is America’s Top State for Business in 2022.

The Tar Heel State has always been a contender in CNBC’s annual competitiveness rankings, rarely finishing outside the top 10 since the study began in 2007. The state finished a close second last year. But 2022 is the first year it has been able to climb to the top.

What made the difference this year? For one thing, state leaders keep managing to put aside their very deep political divisions to boost business and the economy.

When Democratic Gov. Roy Cooper signed a deal in March with Vietnamese electric vehicle manufacturer VinFast to build a $2 billion factory in the state, State Senate President Phil Berger and House Speaker Tim Moore, both Republicans, were close at hand. The three had worked together, across party lines, to craft a $1.2 billion incentive package sealing the deal.

“VinFast’s commitment to North Carolina solidifies our position as a global leader for fostering innovation and supporting businesses,” Berger said that day.

It was not the first time the trio had worked together to craft a transformative deal. Last year, Apple announced it would build its first East Coast hub in the state’s Research Triangle region in exchange for as much as $846 million in incentives.

“This is what happens when we work together. This is what happens when people with different viewpoints, different thought processes, come together,” Moore said at the event announcing that deal in April 2021.

“We had a tough election in 2020,” Cooper said that day. “They tried to get rid of me, I tried to get rid of them. We ended up the same way we were. And I think we looked at each other and said, ‘This is what the people of North Carolina have voted for. We’ve got to work together to get positive outcomes for our state.’”

Sure enough, last fall, Cooper and the General Assembly finally came together to pass a two-year state budget — the first comprehensive spending plan since Cooper took office in 2017. This month, Democrats and Republicans came together again on adjustments for the budget’s second year, which the governor signed into law on Monday. And the two sides announced that they are close to a deal on expanding Medicaid, a bone of contention for as long as Cooper has been in office.

“Divided government is working in North Carolina,” wrote Alexander H. Jones in the blog Politics North Carolina in April, citing the incentive and budget deals as evidence. “Cooper and the Republicans have worked together hand-in-glove.”

“We disagree about plenty, and my vetoes have been able to stop a lot of bad legislation that has come forward,” Governor Cooper said in an interview on CNBC’s “Squawk Box” on Wednesday morning. “But high-paying jobs for our people is something we have to agree upon.”

“I’ve had both Republican and Democratic leaders of both the House and the Senate on each side of me as we make a presentation to the company that this is where you need to be, you’re gonna get predictability, reliability, consistency,” Cooper said. “Businesses look for that and they also look at what happens after the deal is done. Does state government, local government continue to work with them and try to help them succeed. Some of our best recruiters are CEOs who are already here.”

Indeed, North Carolina’s solid finances are the cornerstone of the nation’s top Economy as measured by the CNBC study. The state’s credit rating is pristine; its fiscal balance is sound. Economic growth, at 6.7% last year, and job growth at 3.6% were among the strongest in the nation, according to government statistics.

But that is just the beginning of North Carolina’s strength.

The state ranks No. 2, behind only California, for Access to Capital. Having the nation’s second- and sixth-largest banks based in Charlotte (Bank of America and Truist Financial, respectively) provides a home field advantage of sorts. But North Carolina companies also attracted some $3.5 billion in venture capital investments last year, the sixth highest in the country, according to the National Venture Capital Association. And state grant and loan programs for business have gotten new life under the state’s bipartisan truce.

In Technology and Innovation, the home of the famed Research Triangle Park finishes at No. 5. North Carolina institutions are among the leading recipients of National Science Foundation and National Institutes of Health research funding, and the state ranks high for cryptocurrency mining, a new factor in this year’s rankings.

And North Carolina ranks No. 12 for Workforce. That is a key attribute for NASCAR driver and NBC Sports analyst Dale Earnhardt Jr., who is also a small business owner employing 140 people at Mooresville-based JR Motorsports.

“It’s easy for us to get some of the most talented people to work for our business,” he said. “We can’t win without great people. North Carolina gives us that opportunity.”

“Talking to CEO after CEO, workforce is the driving force for them right now,” Cooper told CNBC. “They see North Carolina as place where they can rely on our community colleges, our greatest array of public and private universities in the country to make sure they have the workforce they need.”

Where North Carolina falls short

No state is perfect, however. North Carolina ranks No. 28 for Life, Health and Inclusion.

The state long ago retreated from its controversial “bathroom bill” known as  after intense criticism from business. In 2017, legislators agreed to repeal the provisions in the law requiring people to use bathrooms corresponding to the gender on their birth certificate. The rest of the law expired in 2020.

But North Carolina remains one of just five states with no law protecting nondisabled residents from discrimination, according to the National Conference of State Legislatures.

In his CNBC interview, Cooper said the state does need statewide protections. “I am pushing for that,” he said, but he conceded it is one of his disagreements with political opponents. He noted executive orders to make sure the state is protecting LGBTQ+ rights, including a ban on any contracts with organizations that engage in conversion therapy. “We’re holding them at bay on cultural wars,” he said. “We are sending the right signals.”

Cooper also pointed to his cabinet as the most diverse in the history of the state, North Carolina being No. 1 among states in the percentage of women in the tech work force, and its position as the state with the most four-year historically Black colleges and universities, one of which graduates more black engineers than any state in country (North Carolina A&T).

The state also lags in two other important Life, Health and Inclusion metrics: per capita public health spending and hospital resources. Both are among the many areas where North Carolina’s explosive growth is straining resources.

On abortion, which the governor said led a film production to move this past week from Arkansas to North Carolina, Cooper said it would remain legal “as long as I am governor.” He has vetoed abortion bills, but added that he will need support in the legislature and votes in the upcoming elections to sustain those vetoes. “I will not back down on women’s rights. … businesses know they need to have their employees protected.”

Workers weigh heavily in rankings

The CNBC study measures all 50 states across 10 categories of competitiveness, for a total of 2,500 possible points. North Carolina scores 1,580 points to capture this year’s crown.

Our methodology assigns a weight to each category based on how frequently states cite it as a selling point.

In 2022, the Workforce category carries by far the most weight, with workers in painfully short supply. We have also retooled the category, measuring things like industry-recognized skills as companies look for states with a ready pipeline of the kind of workers they need.

“There is a stark need for people who have the ability to work not only with their hands, but then to troubleshoot that back across technology,” said Tom Stringer, managing director of the national site selection practice at BDO in New York.

Here are all this year’s categories and point totals:

  • Workforce: 410 points (16%)
  • Infrastructure: 380 points (15%)
  • Cost of Doing Business: 345 points (14%)
  • Economy: 325 points (13%)
  • Life, Health & Inclusion: 325 points (13%)
  • Technology & Innovation: 250 points (10%)
  • Business Friendliness: 200 points (8%)
  • Education: 165 points (7%)
  • Access to Capital: 50 points (2%)
  • Cost of Living: 50 points (2%)

The runners-up

This year’s runner-up is. The Evergreen State captured top honors in 2017 and became a consistent contender after that, but it dropped out of the top five last year when the study put more emphasis on business costs as the Covid pandemic waned. The renewed focus on Workforce in 2022 plays to Washington’s strengths.

Skyhobo | Getty Images

No state has a greater concentration of STEM workers (science, technology, engineering and math). One in 10 Washington workers makes their living in those key professions, according to the U.S. Bureau of Labor Statistics.

But costs are still high in the state, leaving companies and families particularly vulnerable to inflation.

Finishing third is Virginia. The Old Dominion became the first back-to-back Top State for Business in 2021 on the strength of its education system and its workforce. But net migration to the state among college-educated workers has slowed, according to Census figures, hurting the commonwealth’s Workforce ranking.

Denver, Colorado

Denver, Colorado

Walter Bibikow | Getty Images

Colorado finishes at No. 4 on the strength of America’s top Workforce as measured by the CNBC study. Nearly 42% of Centennial State workers hold a bachelor’s degree or higher, according to the Census Bureau, making Colorado workers the nation’s second most educated (after Massachusetts). But those workers command some of the nation’s highest wages, hurting the state’s standing in Cost of Doing Business.

Rounding out the top five is Texas. The Lone Star State maintains its perfect record — it has never finished outside the top five, a feat unmatched by any other state. Not only is the Texas workforce outstanding, but it is also growing fast, as companies and people flock to the state.

When they arrive, however, they are finding a growing set of issues.

For companies, Texas has an increasingly bloated regulatory regime, according to researchers at George Mason University. That hurts the state’s Business Friendliness ranking.

Residents, meanwhile, have limited options for child care. Health-care resources are stretched, too, in the state with the largest percentage of people without health insurance. Texas is another one of the five states with no anti-discrimination law for nondisabled residents. And it is further chipping away at inclusiveness under Republican Gov. Greg Abbott.

While multiple measures aimed at transgender youth and their parents have either died in the legislature or been stalled in court, the deeply controversial  that went into effect this year has made Texas one of the most difficult states to vote in, according to researchers at Northern Illinois University.

Put it all together, and Texas finishes at No. 49 for Life, Health and Inclusion, dragging down its overall ranking. The state’s many other strengths keep it in the Top Five, just barely hanging on by 4 points over No. 6 Tennessee.

State movers and shakers

Skyline of Portland, Oregon, USA at dusk, with Willamette River and Hawthorne Bridge.

Allard Schager | Moment | Getty Images

This year’s Most Improved State is Oregon. The Beaver State rises 17 spots to finish at No. 18 overall. Like neighboring Washington, Oregon benefits from the CNBC study’s renewed emphasis on Workforce over costs. But the state’s economy has also bounced back sharply following the worst of the pandemic. Gross domestic product improved by 5.4% last year, following a 2.8% contraction in 2020.

Other improvements include Kentucky, rising 15 places to No. 26 thanks to improvements in its Workforce and Economy scores, and Vermont, jumping 11 spots to No. 31 with the help of a rising Business Friendliness ranking. This year, that category considers state support for emerging industries including cryptocurrency and cannabis, areas where the Green Mountain State excels.

On the downside, Connecticut and Maryland each fall 15 places (to No. 39 and No. 27, respectively). The states each decline in multiple categories, including Infrastructure, which for the first time considers cryptocurrency mining.

The biggest decline belongs to New Jersey, dropping 16 places to finish 42nd overall. The Garden State falls to dead last in the Economy category, including America’s least healthy pension systems, according to data compiled by the Pew Charitable Trusts.

Bottom states

If there are top states, there must be bottom states.

This year’s last place finisher is Mississippi.

While the Magnolia State offers the lowest cost of living and the lowest wage costs, it could be that you get what you pay for. Mississippi’s workforce is among the nation’s least educated, according to the Census Bureau, with the lowest concentration of STEM employees. It is also the least productive in terms of economic output per job.

Mississippi is also hurt by a glut of regulations, and by a lack of inclusiveness in state laws, including some of the most restrictive voting laws in the nation.

Abortion rights demonstrators gather outside the US Supreme Court in Washington, D.C., US, on June 24, 2022.

Abortion rights demonstrators gather outside the US Supreme Court in Washington, D.C., US, on June 24, 2022.

Yasin Ozturk | Anadolu Agency | Getty Images

While Mississippi is also at the center of the abortion debate with the restrictive law that the Supreme Court upheld to overturn Roe v. Wade, this year’s CNBC study did not consider abortion laws — they are still in flux in many states. So is businesses’ stance on whether the laws will play a major role in their location decisions.

Mississippi Governor Tate Reeves’ office did not respond to a request for comment after the rankings were released.

Where does your state rank? Check out the full list, and let us know what you think by posting on social media with the hashtag #TopStates.

Disclosure: CNBC parent NBCUniversal owns NBC Sports.

News

The Best Recommended Resorts in Nusa Dua Bali

Published

on

The Best Recommended Resorts in Nusa Dua Bali

Nusa Dua is one of Bali’s areas built specifically for tourism in the 1970s. Since then, many luxury hotels and resorts were built everywhere in the Nusa Dua area. For those who want an exciting vacation with family or friends, there are many choices for the bali resort nusa dua .

These accommodations have luxurious facilities ranging from spas, private swimming pools, restaurants, and many more. All resorts in Nusa Dua also have sparkling white sand and calm waves as their view. What are the recommendations for the best resorts in Nusa Dua?

Best Resort Recommendations in Nusa Dua Bali

1. Laguna Resort & Spa

Staying at Laguna Resort & Spa will make you feel very comfortable. When entering the resort, you will be greeted with the sound of a gong and dancers in traditional costumes showing off their artistic talents. Laguna Resort & Spa also provides spacious rooms with large beds and luxurious bathrooms. 

Each room has a tropical garden interspersed with a lagoon pool. This resort also has gym facilities, a spa, and a sumptuous breakfast. There is also a beach bar if you want a cocktail. If you want to stay in a place that offers luxurious facilities and emphasizes local culture, pay a visit to Laguna Resort & Spa. The lodging at this resort is also not so expensive compared to other luxury hotels in Nusa Dua.

2. Resort St. Regis Bali

Located on the sand of Nusa Dua beach, St Regis is the next choice of resort for accommodation options. This resort has a traditional Balinese concept with olive green furnishings. Interestingly, you can swim in a vast lagoon from Resort St. Regis Bali, the size is three times the size of the Olympic swimming pool. 

Furthermore, this resort is also equipped with a thalassotherapy spa. Resort St. Regis Bali also provides a ‘Children’s Learning Center’ facility so parents who bring their children can leave them there. The Children’s Learning Center offers a curriculum to stimulate and entertain children while their parents enjoy the holidays.

3. Hilton Bali Resort

Hilton Bali Resort is perched on a cliff overlooking the beautiful Indian Ocean. You can see Nusa Lembongan clearly from this resort because of its location on a cliff. Hilton Bali Resort is facilitated with a family swimming pool with water slides, an outdoor playground that will make the kids happy, a spa, and a kids club. There are also gazebos and loungers on the private beach. At sunset, there is an observation tower that you and your family can visit to see the fantastic sunset views.

You can visit the lodging recommendations above for those traveling with their family and looking for the best resorts in Nusa Dua, Bali. All of them have extraordinary views with complete and luxurious facilities!

Continue Reading

News

4 Important Tips for Having a Vacation Abroad

Published

on

4 Important Tips for Having a Vacation Abroad

Are you planning to go abroad but still don’t know what to prepare? People dream of going abroad, especially to countries like America and Europe. If this is your first time going abroad, you should check the following tips!

Prepare All Important Documents

The first thing you need to do is prepare important documents. For example, passports, ID cards, visas, and international driving licenses if you are going to drive abroad. Make sure you know whether the country you are going to visit is visa-free or not. For Southeast Asian countries, the Maldives and Turkey are visa-free, so you only have to have a passport. But a visa is still needed if you want to go to South Korea, Europe, or America. Make sure to scan your document and save it in the cloud like Google Drive or iCloud. Oh, yes, remember to check your vaccination status. Because every country needs your health information.

Make Itineraries

Itinerary is important for those who want to travel abroad. The reason is holidays abroad cost a lot of money, so when you can, take advantage of it with a well-planned schedule. Research in detail the tourist destinations you want to visit. For example, what is unique in it, ticket prices, transportation to get there, to the distance from the inn you’re staying. Remember to include places to eat that you want to try. Make sure the place to eat is according to your preferences, such as halal or free of certain food allergies.

Book Tickets in Advance

When you know how long you will be on vacation with the itinerary that has been prepared, it’s time to book plane tickets and lodging. Find cheap tickets by:

  1. Using promos and discounts on travel agent applications.
  2. Comparing which price is lower and what kind of facilities you will get.
  3. Choosing accommodation that fits your budget but is still comfortable.

Oh yes, also remember to check how the pandemic situation is in the country you are going to visit. Do you have to quarantine or not? Because it will affect your itinerary and accommodation. Due to the pandemic conditions that have not fully recovered, check whether there is still Indonesia quarantine after returning from vacation.

Exchange Money and Check Your ATM Cards

Exchange your currency into the destination country’s currency, for example, yen, euros, dollars, won, and others. But remember, don’t carry too much cash because it’s also prone to theft, besides being wasteful. For the rest, you can do cashless transactions. Check your bank’s ATM card to see if it has Visa, MasterCard, or Cirrus logos. This row of stamps indicates that your bank is working with banks abroad. Or you can also use a credit card to make your transaction easier.

Continue Reading

News

Down 43%, Is This Tech Stock Worth Buying Right Now?

Published

on

Down 43%, Is This Tech Stock Worth Buying Right Now?

Skyworks Solutions (NASDAQ: SWKS) announced its fiscal 2022 fourth-quarter results (for the three months ended September 30) on November 3, and the supplier Apple’s stock price has risen 11% since then.

Skyworks beat expectations and showed solid growth at a time when smartphone sales were declining, but forecasts show the chipmaker is about to hit a bump. With that said, let’s take a closer look at the latest results from the chipmaker. Let’s take a closer look at whether the stock can sustain new momentum after losing 43% of its value in 2022.

Skyworks solutions deliver reliable results for non-mobile businesses
Skyworks’ fourth-quarter revenue increased 7% year-over-year to a record $1.4 billion. The company also reported non-GAAP (adjusted) earnings of $3.02 per share, up 15% year-over-year. Skyworks easily justified analyst estimates of $2.91 per share. For the year, the company’s revenue increased 7% to $5.5 billion and earnings rose similarly to $11.24 per share.

The strong growth of chipmakers in the fourth quarter was the result of successful diversification into new markets such as Internet of Things (IoT) and automotive, as well as relationships with major smartphone original equipment manufacturers (OEMs). Yes, it helped make up for it. Weakness in the smartphone market. space. However, it was the non-mobile business that put a lot of effort into Skyworks last quarter.
As CFO Chris Sennesael noted in the report, the company generated $500 million in revenue from broad market segments (counting chip sales for non-mobile applications like IoT), up 30% from the previous year. Last earnings conference call. Broad market companies contributed 36% of Skyworks’ revenue last quarter, up from 29% in the same period last year.

It’s also worth noting that Skyworks earned $2 billion in revenue from this segment for the entire fiscal year. That’s almost 43% more than the $1.4 billion in revenue last fiscal year. The good news is that the company’s business in a wide range of markets can maintain its momentum. This is because, as Skyworks showed in its earnings report, it is attracting new customers in high-growth niches like IoT.

“In IoT, we continue to win new customers and expand our content. We have partnered with Vodafone to launch the UK’s first WiFi 6E platform. We have launched a solution for Fi 6 hotspots.”

Skyworks also enables the deployment of O-RAN (Open Radio Access Network) and delivers record quarterly results in the high-growth automotive business niche. For example, the O-RAN market is expected to grow at an annual rate of 42% until 2030. Meanwhile, according to Mordor Intelligence, the demand for connected cars will grow by 19% per year until 2027.

These catalysts explain why Skyworks expects its broad commercial segment of the market “to be a major driver in FY23 and beyond.”

The mobile business was not in its best last quarter
Skyworks’ mobile business generated approximately $907 million in revenue last quarter (this is total revenue minus $500 million from the broader market business). By comparison, 71% of Skyworks’ $1.31 billion in revenue last year came from its mobile business, worth nearly $931 million.

Thus, the company’s mobile business, which generates most of its revenue, declined year-over-year in the most recent quarter. This is not surprising given that smartphone sales have been declining for the past five quarters. Skyworks considers Apple its biggest client, with the smartphone giant generating 58% of its revenue last year.

Last quarter, Apple shipped 48.5 million smartphones, 6.4% more than last year. However, the overall smartphone market was down 9% year-over-year. And now things could get even worse for Skyworks.

All of this explains why Skyworks management is targeting a sharp drop in sales and profits. The chipmaker expects revenue of $1.3 billion to $1.35 billion and adjusted earnings of $2.59 per share in the first quarter of fiscal 2023. These numbers show double-digit declines in both revenue and earnings compared to the last year.

Continue Reading

Trending